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Island Federal Credit Union Provides $7M Acquisition Loan For Retail Property In Bushwick

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FINANCED
$7,000,000

New York

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Retail
Financed 09/13/2022
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Property Image
FINANCED

Island Federal Credit Union Provides $7M Acquisition Loan For Retail Property In Bushwick

1291 Broadway

See Similar Deals
Retail
Financed 09/13/2022
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Summary

NEW YORK
Asset Type:Retail
Transaction Type:Loan

The property involved in this transaction is a retail asset located at 1291 Broadway in the Bushwick market, encompassing 16,084 square feet. The loan amount for this acquisition transaction is set at $7,000,000. The terms of the loan include a loan-to-value ratio of 78%, an interest rate of 4.25%, a seven-year term, and it carries no pre-payment penalty.

Summary of transaction details:

The transaction involved key individuals and companies, notably the representation by Lynn Marcello and Nicole Schmidt from B6 Real Estate Advisors as mortgage brokers, and DJ Johnston from the same agency as the seller's representative. The lender for this transaction was Island Federal Credit Union, with Bryan Murphy identified as the landlord.

Players

DJ Johnston
102 deals$493.3M volume(914) 584-7422
BROKER

Nicole Schmidt
B6 Real Estate Advisors
5 deals$45.3M volume
BROKER

Lynn Marcello
B6 Real Estate Advisors
5 deals$45.3M volume
BROKER

Island Federal Credit Union
LENDER

Details

FINANCED
IMAGE: DJ Johnston, Nicole Schmidt & Lynn Marcello DATE: 09/13/2022 ADDRESS: 1291 Broadway MARKET: Bushwick ASSET TYPE: Retail ~ SF: 16,084 LENDER: Island Federal Credit Union LANDLORD: Bryan Murphy MORTGAGE BROKERS: Lynn Marcello (@Lynnnstagram__) & Nicole Schmidt (@Nicole_MSchmidt) - B6 Real Estate Advisors SELLER'S REP: DJ Johnston (@B6RealEstate_JohnstonTeam) - B6 Real Estate Advisors LOAN AMOUNT: $7,000,000 LOAN TYPE: Acquisition LOAN TERMS: 78% LTV, 4.25%, 7 Year Term, No Pre-Payment Penalty

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,000,000.00

Monthly NOI$46,666.67
Monthly Debt Service$44,244.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00